There’s a common misconception that issues like wills and probate are only of concern to seniors and those reaching the latter years of middle age. However, every adult—even millennials—should have an estate plan. Here’s more about what a typical plan includes and why having one is crucial to protecting your loved ones and your legacy.
About Estate Plans
An estate plan starts with a will. This is a document in which an individual—called the testator—declares who they want to inherit their assets. In the will, the testator also appoints the person they want to administer the estate. This person, called the executor, carries out the crucial administrative and legal duties of resolving the estate through the wills and probate process. Plans for the guardianship and care of children and pets can be included in the will as well.
A living trust is another estate planning arrangement to consider. This allows you to place ownership of specified property into the trust while you are still living. Then, upon your death, it transfers to your stated beneficiaries, without the need to go through the wills and probate process.
Advanced healthcare directives and living wills are beneficial, too. In these documents, you state your wishes for end-of-life care. If you can’t make these decisions later on because of age, illness, or injury, the arrangements outline what you want to happen as far as life support measures, artificial resuscitation, and feeding tubes.
Millennials should have estate plans so that they can decide what happens to their assets. Without a will, for instance, the courts will determine how assets are distributed, but with a will, the testator's plans must be honored and followed. Also, if you're a millennial with children, the kids are likely still minors. A will ensures that you can appoint your preferred guardians to care for them.
An estate plan can also cover digital assets, which are particularly important to millennials. You can name someone to manage and settle your digital "property," like social media accounts, websites, and photos and videos stored on electronic devices.
Hiring a wills and probate attorney will make certain your estate plans are comprehensive and legally sound. The team at Renzullo & Associates Law in Winsted, CT, is here to help. Since 1977, they’ve been serving clients throughout Litchfield County and all of Connecticut. They offer representation in estate, family law, criminal defense, and real estate cases. Call (860) 379-9885 or visit them online to schedule a consultation.